If you're planning to move to Panama, invest in real estate, or apply for residency, opening a local bank account is one of the first practical steps. Panama's banking system is modern, dollarized, and internationally connected – but compliance requirements have tightened in recent years. Here's everything you need to know.
Key Advantages of Banking in Panama
US Dollar Currency
Panama uses the US dollar as legal tender – no exchange rate risk or currency conversion fees
Stable Banking System
Regulated by the Superintendency of Banks (SBP), with strong compliance standards and international recognition
International Access
Online banking, multi-currency options, and connections to global financial systems
Banking Privacy
Panama maintains strong confidentiality protections, with CRS and FATCA compliance for international reporting
Banking Options in Panama
- Banco General
- Banistmo
- BAC Credomatic
- Banco Aliado
- Credicorp Bank
- Towerbank
| Best For: Daily transactions, online banking | Key Features:Yappy payment system, excellent mobile app, online account opening with Cedula E |
| Best for: International transfers, PayPal | Key features: Accepts transfers from fintech banks, part of Grupo Bancolombia |
| Best for: Credit cards | Key features: Specializes in credit card products, strong regional presence |
| Best for: Interest Rates | Key Features: Mid-sized bank with specialized staff for foreign clients |
| Best for: Investment | Key Features: Bilingual staff, branches nationwide |
| Best for: Crypto | Key Features: Crypto, Digital Banking |
Note: State-owned banks (Banco Nacional, Caja de Ahorros) typically require permanent residency and are more difficult for foreigners to access
Can a Foreigner Open a Bank Account in Panama
Yes, but with conditions. Your options depend on your residency status:
Permanent Resident
✅ Easiest – open online or in-person with your Cedula
Temporary Resident
✅ Possible – present your residency card and documents
Residency Applicant
✅ Possible – with a letter from your immigration lawyer certifying your application is in process
Non-Resident
⚠️ Limited – some banks accept, but with higher minimums and stricter due diligence
Requirements for Opening an Account
1. Valid Passport
Original and copy
2. Second ID
Driver’s license or national ID card
3. Proof of Income
Employment letter, pension statement, or last 2 tax returns
4. Bank Reference Letters
Preferably 2 letters from your current bank(s), stating account longevity and良好 standing
5. Proof of Address
Utility bill or rental contract (can be from your home country or Panama)
6. Initial Deposit
Typically $1,000 – $10,000 depending on bank and account type
7. Bank Forms
Account profile, FATCA declaration (for US persons), and application forms
Additional Requirements for Non-Residents
If you don’t yet have residency, you’ll need to demonstrate a “bond with Panama” – such as :
Real estate investment or purchase in process
Company incorporation in Panama
Residency application in progress (with lawyer’s letter)
Fixed-term deposit investment
Step-by-Step Process
Step 1
Choose Your Bank: Research banks that match your profile. Consider: fees, minimum balances, online banking quality, and whether they accept your residency status
Step 2
Gather Documents: Collect all required documents. If applying remotely, documents may need apostille and translation to Spanish .
Step 3
Bank Interview: Most banks require an in-person interview. Some allow remote initiation with video verification . We can accompany you or facilitate introductions.
Step 4
Due Diligence Review: Banks conduct compliance checks (typically 3-15 days). Complete documentation speeds approval
Step 5
Account Approval & Activation: Once approved, make your initial deposit and receive account details, debit card, and online banking access.
Important Considerations for 2026
Increased Compliance
Banks now require detailed source of funds documentation. Be prepared to explain origin of deposits, especially for larger amounts
Remote Opening is Possible – With Help
While fully remote opening exists, it requires apostilled documents and often local legal representation. Expect stricter scrutiny
US Persons (FATCA)
US citizens and green card holders must sign FATCA forms. The bank will report account information to the IRS automatically
Minimum Balances & Fees
Personal accounts: $1,000–$5,000 minimum
Non-resident accounts: may require $10,000+
Monthly maintenance fees: $5–$20 typically
Watch for inactivity fees if account isn’t used regularly
Digital Banking
Most banks offer excellent online platforms and mobile apps. Multi-currency accounts are increasingly available
How Gomez Tomiczek Can Help
🏦 Bank Introductions
We leverage our relationships to facilitate smooth account opening for qualified clients
📋 Document Preparation
We review your documents for completeness and compliance before you apply
📝 Residency Certification
For applicants in process, we provide official letters certifying your immigration status
🤝 Appointment Coordination
We schedule bank interviews and can accompany you if needed
🌐 Remote Assistance
For clients abroad, we coordinate the process and handle document submission where permitted
Frequently Asked Questions
Can I open an account before moving to Panama?
Yes, in many cases. Remote opening is possible with proper documentation and legal assistance. The real estate investment or residency application route often requires an account anyway
How much money do I need to open an account?
Minimum deposits range from $1,000 for basic accounts to $10,000+ for certain banks or non-resident accounts
Do I need to speak Spanish?
Most major banks have English-speaking staff and bilingual forms. However, documents must be translated to Spanish
Can I open a business account?
Yes. Requirements include incorporation documents, board resolution naming signatories, and personal documentation for all directors/shareholders
What if my application is rejected?
Rejection usually stems from incomplete documentation or insufficient “ties to Panama.” We can help identify issues and guide you to banks more likely to accept your profile.
Are Panama bank accounts reported to my home country?
Panama complies with CRS (automatic information exchange with participating countries) and FATCA (with the US). You must declare accounts per your home country’s laws